WASHINGTON, DC - As part of the ongoing effort to boost jobs and innovation, House Energy and Commerce Committee members Rep. Adam Kinzinger (R-IL) and Rep. Tony Cárdenas (D-CA) recently introduced H. Res. 835, a bipartisan resolution urging the U.S. to “adopt a national policy for technology to promote consumers’ access to financial tools and online commerce to promote economic growth and consumer empowerment." Financial Technology, or FinTech, is an economic industry that is changing the way consumers interact with their finances and engage in commerce.
“We have experienced a sea change over the last decade, with the explosion of mobile devices opening a whole new world of digital possibilities for consumers. The intersection of the financial and technology industries - a.k.a. FinTech - is an area that has quickly evolved as consumers have demonstrated an eagerness to more efficiently manage their finances and take control of their financial well-being. With the tap of a finger on their smartphone, consumer engagement has skyrocketed," said Reps. Kinzinger and Cárdenas.
They continued, “As the U.S. is a global leader in both technology and financial services, we must be proactive in harnessing the FinTech revolution and leverage this technology as an opportunity to empower consumers, promote financial literacy, foster economic growth, and forge new markets. This bipartisan resolution is an important step forward, as we acknowledge a collective need to encourage development within the FinTech industry. It’s time Congress supported the world of FinTech by leveraging current technology to improve consumers’ access and engagement in commerce. FinTech is the future."
Over the past year, the Commerce, Manufacturing and Trade subcommittee has held a number of hearings as part of its Disrupter Series, which has provided an opportunity to examine how federal policies help and hinder economic growth of emerging technologies. This resolution is built upon previous Disrupter Series discussions on topics like the sharing economy, mobile payments, and digital currency and blockchain technology.
Read H. Res. 835 HERE.
